November 2011 Archive

Over the past couple of years I have been intrigued by the concept of a 'digital wallet' that will combine mobile payments with a variety of other benefits for customers. The more people I talk to, the more convinced I am that mobile digital wallets will mark a big shift in retail payments. A mobile digital wallet is more than just a mobile payment system because it combines:

Mobile payment. Digital wallets are likely combine several different payments systems into a single service, including mobile contactless payments, online (i.e. web) payments, and over-the-network mobile payments, making it easy for customers to make a variety of different types of payment from a mobile device.

Barcode scanning. Scanning barcodes or QR codes will let customers get more information about products, and let them pay for items on their phones before showing an on-screen receipt to leave the store.

Loyalty rewards. Instead of carrying (and sometimes forgetting) a separate loyalty card, digital wallets will track customers’ spending and offer merchant-funded rewards, either on the phone or at the point of sale.